The Department of Enterprise Trade and Employment working with Enterprise Ireland it’s agency responsible for the development and growth of Irish companies in global markets, invested €27m in Irish startups and supported a total of 161 startup companies in 2022.
Investment was provided through Enterprise Ireland’s programmes – High Potential Start-Up (HPSU), Competitive Start Fund (CSF) and Pre-Seed Start Fund.
Startups supported by Enterprise Ireland in 2022 include:
- A total of 91 High Potential Start-Up (HPSU) investments – startup businesses with the potential to create 10 jobs and €1m in sales within three years of starting up.
- 44 Pre-Seed Start Fund investments, which inject critical early-stage funding into new businesses.
- 16 Competitive Start Fund (CSF) investments.
- 10 pre-HPSU startups.
- 50% of the companies supported were outside Dublin.
- 58 women-led startup companies were approved investment.
- 13 HPSUs emerged from academic research.
A total of 600 delegates attended the Enterprise Ireland Start-Up Showcase recently in the RDS which brings together the ‘Class of 2022’ Startup companies and the wider startup ecosystem including investors, state agencies, and startup accelerators.
In addition, and for the first time, the event also plays host to technology-based companies who have their roots in state-funded research. In 2022, 24 companies were spun out of third level institutions, supported through the Enterprise Ireland Commercialisation Fund Programme.
This year, the event marks the start of Enterprise Ireland’s ‘Summit’ week, which celebrates Enterprise Ireland’s 25th anniversary. Summit week is bringing together Irish businesses from a broad range of sectors, Enterprise Ireland’s global team and key stakeholders to discuss the progress of Irish enterprise and its current and future impact for the benefit of both economy and society.
Minister of state for trade promotion, digital and company regulation Dara Calleary TD said: “I wish to congratulate the start-up class of 2022 for their achievements to date and for having the ambition to take the brave leap to start a new business.
"The government’s recently published white paper on Enterprise provides a framework for enterprise policy out to 2030 and sets out my department’s priorities around enhancing the environment in which companies operate.
“My department working with our agency Enterprise Ireland supports entrepreneurs and start-ups with the ambition to grow their business in global markets and late last year we introduced the new Pre-seed Start Fund to support the specific early-stage funding needs of startup companies.
“There has been a very positive response to the first call, and this is just one of a series of specific targeted initiatives which my department through Enterprise Ireland is taking as part of its strategic ambition to encourage and support an increased number of new high growth start-up companies in Ireland.”
Vital to the future of Ireland
Kevin Sherry, executive director, Enterprise Ireland said: “A strong startup eco-system is vital to the future of Ireland. Startups are a powerful driver of economic growth, new talent and innovation.
"At Enterprise Ireland we are committed to helping founders to start and grow their business internationally. The Start-Up Showcase is a great opportunity to celebrate our future enterprise leaders and their businesses as they are the lifeblood of our economy.
“Emerging from the global pandemic, 2022 was a successful year for Irish startups across a range of sectors including ICT, medtech, fintech, food and manufacturing.
"We also saw a strong performance by startups setting up outside of Dublin. Furthermore, 36% of the startup businesses supported in 2022 were founded by women, the highest ever which further supports Enterprise Ireland’s strategy to increase the participation of women in entrepreneurship and business leadership.
"The class of 2022 will serve as role models for new founders who have the determination and resilience required to get their enterprises up and running.”